A former stockbroker yesterday escaped being sent to jail for failing to pay a HK$16 million fine for insider trading.
The government had made an application to have Daniel Chan Kwong-tat jailed for three months for allegedly attempting to avoid paying the fine, which was levied in October 2004.
Mr Chan and several others were found to have engaged in insider dealing of the listed shares of Siu Fung Ceramics. He was ordered by the Insider Dealing Tribunal to pay a penalty of HK$13,925,337 plus HK$2,296,339 - about 10 per cent of the cost of the inquiry.
Mr Chan failed to pay the fine and went to New Zealand, where he stayed until returning late last year.
The government believed Mr Chan could pay the fine and was interested in the whereabouts of HK$25 million he was said to have received from Siu Fung when he resigned as director in 1996.
An inquiry was held in the Court of First Instance in February, during which Mr Chan had to answer question under oath about his finances.
